PH stocks gauge rises anew, peso stays firm vs. US dollar

PH stocks gauge rises anew, peso stays firm vs. US dollar

MANILA – The Philippine Stock Exchange index (PSEi) ended the week up partly on news about the possibility of further easing of quarantine classification in the NCR Plus area but the peso was little changed against the US dollar.

The main equities index rose by 0.47 percent, or 32.08 points, to 6,907.79 points.

All Shares rose by 0.49 percent, or 20.29 points, to 4,174.65 points.

Most of the sectoral gauges also jumped during the day, led by the Financials after it rose by 0.81 percent.

It was trailed by the Holding Firms, 0.59 percent; Industrial, 0.55 percent; Services, 0.15 percent; and Property, 0.13 percent.

Only Mining and Oil ended the trade on the red after it fell 0.15 percent.

Volume totaled 4.13 billion shares amounting to PHP5.76 billion.

Gainers led losers at 118 to 90 while 50 shares were unchanged.

Aside from foreign buying, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort, in a report, attributed the PSEi’s rise to news about the possible easing of quarantine classification in the NCR Plus, or the National Capital Region (NCR) and four nearby provinces namely Bulacan, Cavite, Laguna and Rizal from general community quarantine (GCQ) with some restrictions to the regular GCQ after June 15.

He said this move will further allow more economic activities that will further boost the economy’s recovery prospects.

He said investors also took note of developments in Congress regarding the pace of discussions on some reform measures.

For next week, he forecasts the main index to range between the 6,400-6,700 levels.

On the other hand, the peso ended sideways against the greenback at 47.7 from 47.765 a day ago.

It opened the day at 47.73, barely changed from its 47.72 start in the previous day.

It traded between 47.74 and 47.68, resulting in an average of 47.711.

Volume totaled USD684.79 million, higher than the previous day’s USD680.2 million.  Joann Villanueva / PNA – northboundasia.com